Karachi : State Bank of Pakistan Friday announced SBP Overnight Reverse-Repo (Ceiling) rate reduced from 12.00% to 10.50% per annum with effect from August 13, 2012.
Announcing changes to its Circular No.1 of August 15, 2009 and Circular No. 16 of October 8, 2011, SBP Governor Yaseen Anwar at press conference here said SBP Overnight Repo facility will be available at 7.50% p.a. This will serve as the Floor for Interest Rate corridor as announced by above referenced circular.
Hence, Floor and Ceiling levels for interest rate corridor are 7.50% and 10.50% p.a. respectively (i.e. width of 300 bps), he said. Above changes are effective from August 13, 2012. Other instructions on the subject shall, however, remain unchanged.